In many cases, Ohio estate owners want their assets to last for as long as possible. This could mean that the wealth lives on for generations after the individual who acquired it passes away. However, not all fortunes will be used properly by subsequent generations. Using estate plan documents can increase the odds that assets are used correctly and by as many heirs as desired.
Those who are planning on leaving money to children or grandchildren should decide whether to split the money equally or fairly. It may also be possible to do both. For instance, a parent could choose to leave each child the resources needed to pursue a college education. However, the beneficiary could decide what level of education to obtain. This strategy can also be used for beneficiaries who want to start a business or have health care needs.
Regardless of how an estate is divided, children should be taught the value of money and the concept of wealth at an early age. This can be done casually through storytelling at family gatherings or through more formal conversations if the topic of money comes up organically. When appropriate, they can meet with a financial adviser to communicate the long-term plan for the family's assets.
An estate plan may be helpful as it relates to the distribution of assets. Using beneficiary designations or putting assets into a trust may help to avoid the probate process. An estate owner may benefit from talking with a financial adviser or attorney. These professionals may help to create the basis for an estate plan or create plan documents. If necessary, an attorney could represent a client or his or her estate in court.